§ 22-6. Same—Determination, disposition of surplus funds.

Whenever the receipts from the operation of the waterworks, electrical and sewer system exceed the amount needed by the commission for current operating expenses so as to leave a surplus in public service commission funds, the excess may, in the discretion of the governing body, be transferred to the general fund of the city, or such other fund of the city as it shall designate, and upon order of the governing body directing said transfer and the amount thereof, the commission shall issue a warrant for the same. Determination of the question as to whether or not there is such excess shall be made by the governing body; provided however, in addition to the amount needed for current operating expenses, the commission is authorized to reserve 25 percent of its net monthly earnings and an amount not less than that required by the terms of the revenue bonds issued by the city for electric and water service and improvements, as a reserve fund, which reserve fund shall not be subject to such transfer except upon the joint approval of the commission and the governing body.

(Code 1962, § 22-31)

State law reference

Authority to determine disposition of revenues, Miss. Code 1972, § 21-27-19.